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    题名: 每股盈餘對公司資本結構的影響
    Earnings Per Share and Capital Structure
    作者: 陳苡文
    Chen, Yi Wen
    贡献者: 周冠男
    Chou, Robin K.
    陳苡文
    Chen, Yi Wen
    关键词: Earnings per share (EPS)
    Earnings management
    Capital structure
    Leverage
    日期: 2015
    上传时间: 2016-02-03 11:17:48 (UTC+8)
    摘要: Empirical studies have found that managers choose debt rather than equity to avoid EPS dilution and buy back outstanding shares to boost EPS, I thus explore the resulting effect of EPS on leverage. A firm’s leverage is negatively influenced by the level of its EPS. I also find that fluctuations in EPS have large effects on leverage and these effects persist for at least a decade. Besides, the negative impact of EPS on leverage becomes much stronger after the passage of SOX, in which period managers engage in more actions of debt-equity choices or stock repurchases with the sole purpose of manipulating EPS. Furthermore, managers’ equity incentives and corporate governance are two economic mechanisms through which EPS negatively influences leverage.
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    描述: 博士
    國立政治大學
    財務管理研究所
    99357507
    資料來源: http://thesis.lib.nccu.edu.tw/record/#G0993575073
    数据类型: thesis
    显示于类别:[財務管理學系] 學位論文

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